(EMAILWIRE.COM, July 01, 2024 ) “Indian households own over 27,000 metric tonnes of gold”
This provides a market opportunity of INR 65 trillion at current gold prices, with only 6 trillion tapped by organized market. Rural India has more than 2/3 of India’s gold demand. India saw gold demand between 800-850 tonnes in 2022. Over 65% of market share is held by unorganized sector providing quick loan with high interest rates, and 35% by banks and NBFCs. Muthoot Finance (MUTH), Manappuram Finance (MGFL), and India Infoline Finance Limited (IIFL) are some of the big fish in the pond.
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South India accounts for 32% of total gold loan market, with high gold ownership and high demand for loan. The presence of competitive rates makes the loans affordable. The market sees access to loans online challenging traditional lenders. It gives underserved individuals access from rural areas. Products like Gold Loan Exchange Traded Funds (ETFs) are also introduced in the market. Main challenges faced by market are growing competition among lenders with low interest rates due to entry of new players, including online platforms and NBFCs. Declining gold prices affecting collateral value, defaulters increasing NPA, and regulations by RBI.
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Market Segmentation
By Market Type
Organized
Unorganized
By Types of Lenders
Banks
NBFCs
Others
By Application
Investment
Collecting
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Market Key Players:
Axis Bank of India
Central Bank of India
Federal Bank Limited
HDFC Bank Limited
ICICI Limited
Maximize Market Research is leading in Consumer Goods & Services research firm, has also published the following reports:
Gold Nanorods Market: Industry Analysis and Forecast (2022-2027) by Application, and Region. Global Gold Nanorods Market size is expected to reach nearly US$ 8.34 Bn. by 2027 with the CAGR of 13.4% during the forecast period.
Gold Nanoparticles Market – Global Industry Analysis and Forecast (2023-2029) Gold Nanoparticles Market was valued at US$ 2.25 Bn in 2022 and is expected to reach US$ 7.26 Bn by 2029 at a CAGR of 18.2%.
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